News From : DagangHalal.com (03 Jul 2009)
KUALA LUMPUR, July 3 (Bernama) — CIMB Standard, the Asian private equity and infrastructure fund specialist jointly owned by Malaysia’s CIMB Group and Britain’s Standard Bank Group, has been appointed manager and adviser to a new 500 million USD Islamic Infrastructure Fund (IIF).
The fund, which is jointly sponsored by the Asian Development Bank (ADB) and the Islamic Development Bank (IDB), is Asia’s first major multi-country Islamic infrastructure fund. It will make Shariah-compliant equity investments in emerging countries with significant infrastructure opportunities to meet their developmental needs.
CIMB Group chief executive Nazir Razak said here Thursday that the fund would receive an initial commitment of 250 million USD from the joint sponsors. “CIMB Standard will put up 12 million usd while the balance is to be raised from other investors,” he added.
CIMB Standard, which expects to raise the balance of the funds within the next 12 months, Nazir told reporters after the fund launching ceremony, was established in 2006 by CIMB Group and Standard Bank to advise private equity funds.
It specialises in deals in the energy and infrastructure sectors in the Asian region.